Market Update for Redwood City, CA Real Estate: 10.19.2018
As of 10.26.18 what is the offer on a home to make? This post gives you the results for the Past 7-Days in Redwood City. Additionally, there’s a link (Click here to see other communities updates), which provides a monthly picture of ALL communities in both San Mateo and Santa Clara Counties. This proprietary information is provided by Cliff Keith, of SF Bay Homes and the local Multiple Listing Service, MLSListings. The criteria use for these numbers is based on Year to Date, (YTD) figures.
MLS’s numbers for the past seven days for housing in Redwood City, CA. They are keyed how they compare to the previous week with an up or down arrow. The ± symbol is for numbers that were unchanged from previous week.
Provided by Cliff Keith, of SF Bay Homes and the local Multiple Listing Service, MLSListings. The criteria use for these numbers is based on Year to Date, (YTD) figures.
Market Update for Redwood City, CA Real Estate: 10.26.2018
↓ 11 new homes brought on the market for sale
↑ 12 homes went under contract as pending sales
↓ 09 homes closed escrow and now have new homeowners
↓ 14 Average days on market
± 2.9 Months of inventory available
± $ 989 Per square foot for sold homes
↑ 7.1% Above asking price was average sale price
↑ $1,703,203 Average Sale Price of a home in Redwood City
*** Click here to see other communities updates. ***
Consistent for 2018: Strong Seller’s Market
Redwood City real estate agents are talking about how they can feel the housing market is changing. They are complaining about how homes are NOT selling in 2-days! All I can say is… welcome to a normal real estate market. This “flatness” trend will be short lived and my stretch out through the Christmas Holidays, because there is still a strong demand by home buyers and not enough inventory to satisfy their demands.
Everyone knows this current upward market trend cannot continue indefinitely. That being understood, it is important to remember the bubble is not close. Because the demand for housing continues to be strong. Home-buyers are going to have to continue to pay current prices for homes. If they wait they’ll paid a higher price down the road. And interest rates are on the rise which will also add to their costs. Sad for them but it’s true.
This past week we have seen annual numbers trending in the same ranges as the previous week. However, Days on the market is trending down to its lowest number since July (19). Monthly inventories are trending up from their low in June (.7) Price per square foot is trending downward since the high of April ($ 1133). SP:LP is trending down from the high in April of 14.4%. The average sale price is right in line with the starting of 2018 ($1,686,483.)
The raw numbers
New listings (12 homes) came on the market for sale. Still low inventories, (130 homes 73% Active and 27% Pending or there are 895SFR for buyers to choose from), which is still favorable to homeowners. Price reduction on homes are increasing, (8) last week. Costs per square foot has remained stable for the past 6 months over the bench mark of $1000/sq.ft. it was $989 last week. It is still a good time for many home sellers.
Prices of Redwood City new homes have steadily been on an upward-trend as demonstrated by 11 new homes were listed over one million dollars there was a total of 11 homes brought onto the market. The means 100% of the homes listed last week for sale were over $1M! In Redwood City there are current 16-homes for sale under $1M of the 130 available homes for sale.
The beginning of 2017 Redwood City properties were offered for sale at prices starting to break through the $1.5M mark. This past week the average selling price of a home in Redwood City was $ 1,686,483. This is indicating affordable homes prices remains pretty much only for the few. Sale prices are stable, inventories up with buyers paying (SP:LP ratio) of 6.7% over asking price. I believe this is due in part to homeowners pricing their homes closer to true market value. And interest rates are on the rise.
16 – Homes under $1M of 95 (16.8%) – Homes available for sale!
There is bad news for home-buyers. The real estate market has been somewhat “flat” since the Summer. I am now seeing the numbers starting to head back up as they did back in April of this year. The appreciation for 2018 sits at 14.5%. This is the highest we have seen in a few years and it looks like it is going to continue on its upswing trend! Cause? I believe the good high paying jobs and the demand for housing creates the current real estate market.
Other indications are the “Affordability Index” recently released by California Association of Realtors on August 8, 2018. It states in part …only 18% of Bay Area households can afford the median-priced home… This is not good news for future home buyers. It will be worse too with the increase of interest rates the banks are now charging.
Basic Real Estate Truism:
Question: When is the perfect time to purchase your home?
Answer: Today is the correct answer! If you said yesterday you were correct, however, too bad those prices are gone. I don’t see any let up on the current strong demand for homes either. I believe this trend will continue to be supported of upward, at least for the rest of 2018.
Open Houses stay alert.
When you go to a Sunday Open Houses in Silicon Valley you will see Redwood City real estate agents, and many home buyers looking at the homes along with you. The home buyers from the tech industry like Oracle, Electronic Arts, Google, Facebook, Intel, Box, LinkedIn, Instagram, and Buffer are out in full force, along with the bio-tech home-buyers from companies like; V Biosciences, Abbott Vascular, AbGenomics, and Genotech ready to place offers on their new homes. And, they all seem to have large sums of discretionary income to spend too.
As you can see the real estate market in Redwood City is still very strong and homes are selling faster and receiving higher priced offers.
What is the “get-around”?
If you are looking to purchase a home in San Mateo or Santa Clara counties Cliff Keith and Team have many homes for you to choose from.
Some of these homes are not in the MLS and some are in MLS. The point being if you are trying to buy or sell a home we would love to help you find that perfect home. Especially, if you have not found a home and have been looking for one over 3 months.
What to Do Next?
To find your new home all you need to do is an easy 3-Step Process.
- Pick up your cell phone,
- Look up my number (650-346-7366),
- Call me immediately.
When you do call, we will discuss the best way we can meet so you can get the best information you need that will help you locate and purchase your new home as quickly as possible and receive the highest value possible at an amount of money you want to spend. Do it now. It’ll be the smartest decision you’ll ever make.
We may also discuss with you the idea of looking at a duplex for sale in Redwood City as a suitable alternative. If you’re a homeowner then we could talk about how to add value to your property in Redwood City.
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